Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> reported strong Q1FY26 result, with better-than-expected profitability. Despite of flat revenue, Q1FY26 operating and net profit increased 20%+, through pricing measures and continuous cost control.</li>
<li>The company lowered FY26 tariff impact to ¥10B from ¥17B. Impact now is primarily expected in the second half (¥4 each for Q3 and Q4).</li>
<li>Terumo reiterated FY26 guidance. Q1FY26 revenue, operating profit, and net profit represent progress rate of 25%, 29%, and 29%, respectively.</li>
</ul>



Terumo Corp (4543 JP) reported strong Q1FY26 result, with better-than-expected profitability. Despite of flat revenue, Q1FY26 operating and net profit increased 20%+, through pricing measures and continuous cost control.
The company lowered FY26 tariff impact to ¥10B from ¥17B. Impact now is primarily expected in the second half (¥4 each for Q3 and Q4).
Terumo reiterated FY26 guidance. Q1FY26 revenue, operating profit, and net profit represent progress rate of 25%, 29%, and 29%, respectively.


Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises <em>and</em> outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> has reported FY25 result, with revenue and adjusted operating profit beating and operating and net profits missing guidance. TIS and GBS remained two brightest spots.</li>
<li>FY26 guidance calls for a decelerated revenue growth of just 1% YoY (FY25 revenue growth rate was 12%). Foreign exchange will impact the revenue negatively.</li>
<li>Implementation of the U.S. tariff poses downside risk to guidance, while better-than-expected foreign exchange rate and C&amp;V business growth are the upside risks.</li>
</ul>



Terumo Corp (4543 JP) has reported FY25 result, with revenue and adjusted operating profit beating and operating and net profits missing guidance. TIS and GBS remained two brightest spots.
FY26 guidance calls for a decelerated revenue growth of just 1% YoY (FY25 revenue growth rate was 12%). Foreign exchange will impact the revenue negatively.
Implementation of the U.S. tariff poses downside risk to guidance, while better-than-expected foreign exchange rate and C&amp;V business growth are the upside risks.


Terumo Corp (4543 JP): Mixed Performance in FY25; Revenue Growth to Decelerate in FY26

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> reported record high revenue, operating profit, and net profit for both Q3FY25 and Q3 YTD. Global demand continues to expand, driven by the U.S.</li>
<li>In terms of segments, TIS and blood center business drove the growth. Steady progress in pricing measures and profit improvement measures led the bottomline outperforming topline, thereby improving profitability.</li>
<li>FY25 guidance implies Q4FY25 revenue of ¥238B, flat YoY and down 10% QoQ. Mainstay C&amp;V business revenue is expected to decline 6% YoY to ¥139B due to seasonality.</li>
</ul>



Terumo Corp (4543 JP) reported record high revenue, operating profit, and net profit for both Q3FY25 and Q3 YTD. Global demand continues to expand, driven by the U.S.
In terms of segments, TIS and blood center business drove the growth. Steady progress in pricing measures and profit improvement measures led the bottomline outperforming topline, thereby improving profitability.
FY25 guidance implies Q4FY25 revenue of ¥238B, flat YoY and down 10% QoQ. Mainstay C&amp;V business revenue is expected to decline 6% YoY to ¥139B due to seasonality.


Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

Zylox-Tonbridge Medical Technology / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zylox-tonbridge-medical-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:32974:1" rel="noopener">Zylox-Tonbridge Medical Technology (2190 HK)</a> carried forward 2024 momentum, moving into 1H25. In 2024, sales had grown 48% to RMB 783M, followed by 32% rise to RMB 482M in 1H25.</li>
<li>Leveraging their robust R&amp;D expertise and integrated technology platforms, the company has made significant progress and lined up launches of several critical innovative projects in neuro and peripheral-vascular interventional device.</li>
<li>China remains the main growth market for Zylox, though the company is deepening its presence overseas. Zylox stands at an inflection point from where the growth momentum will gain pace.</li>
</ul>



Zylox-Tonbridge Medical Technology (2190 HK) carried forward 2024 momentum, moving into 1H25. In 2024, sales had grown 48% to RMB 783M, followed by 32% rise to RMB 482M in 1H25.
Leveraging their robust R&amp;D expertise and integrated technology platforms, the company has made significant progress and lined up launches of several critical innovative projects in neuro and peripheral-vascular interventional device.
China remains the main growth market for Zylox, though the company is deepening its presence overseas. Zylox stands at an inflection point from where the growth momentum will gain pace.


Zylox Tonbridge Medical (2190 HK): No More Interventions Needed, Blockages Cleared for Growth

Japan

Terumo Corporation is a manufacturer and supplier of pharmaceuticals and medical tools and equipment. The Company's products include health foods, transfusion and infusion equipment, disposable medical supply, clinical testing systems, artificial organs, and electronic thermometers. Terumo markets the products through its subsidiaries and sales offices in the US, Europe, and Asia.

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Terumo (4543 JT)

Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated

Terumo reported 20%+ increase in operating and net profit in Q1FY26 on modest revenue growth. The company lowered FY26 tariff impact to ¥10B from...

Tina Banerjee

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

Terumo Corp (4543 JP): Mixed Performance in FY25; Revenue Growth to Decelerate in FY26

Terumo reported FY25 result, with revenue and adjusted operating profit beating and operating and net profits missing guidance. FY26 guidance...

Tina Banerjee

Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Tina Banerjee

Zylox Tonbridge Medical (2190 HK): No More Interventions Needed, Blockages Cleared for Growth

Zylox-Tonbridge Medical carried forward 2024 momentum, moving into 1H25. New launches and strong market sales capabilities will help drive the...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated

​Terumo reported 20%+ increase in operating and net profit in Q1FY26 on modest revenue growth. The company lowered FY26 tariff impact to ¥10B from...

Tina Banerjee

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

Terumo Corp (4543 JP): Mixed Performance in FY25; Revenue Growth to Decelerate in FY26

​Terumo reported FY25 result, with revenue and adjusted operating profit beating and operating and net profits missing guidance. FY26 guidance...

Tina Banerjee

Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

​Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Tina Banerjee

Zylox Tonbridge Medical (2190 HK): No More Interventions Needed, Blockages Cleared for Growth

​Zylox-Tonbridge Medical carried forward 2024 momentum, moving into 1H25. New launches and strong market sales capabilities will help drive the...

Tina Banerjee

Terumo reported 20%+ increase in operating and net profit in Q1FY26 on modest revenue growth. The company lowered FY26 tariff impact to ¥10B from...

Terumo reported FY25 result, with revenue and adjusted operating profit beating and operating and net profits missing guidance. FY26 guidance...

Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Zylox-Tonbridge Medical carried forward 2024 momentum, moving into 1H25. New launches and strong market sales capabilities will help drive the...